credit rating

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Filipinos are all excited every December to receive the 13th -month pay, this is the only time they have extra money to spend either for themselves or for the family. As the company owner, providing this financial benefit to your employees are mandatory.

But, how do Filipinos actually spend their 13th -month pay?

The first in our list would be buying smartphones. Employees at the age of 28 to 35 years old mostly prioritize to buy a new and updated phone during December. This is the only time they can take advantage of this financial benefit, without sacrificing their obligations to pay the bills at home.

Second, in our list, Filipinos tend to use the money to buy gifts for family, friends and special someone. Since their financial status before December arrives does not give them the privilege in shopping gifts early, they will use the 13th – month pay as their budget for buying gifts.

The most common we notice every December, tons of boxes are piled up at the garbage bin.

Filipinos love to purchase expensive appliances for the kitchen, living room or bedroom good for everyone at home

While 52% of Filipinos use the 13th month pay to settle their debts. This type of debt is usually off the papers, which means occurring debts from relatives or officemates. Although the 13th month pay is not enough to clear all the debts they have, it will possibly lessen their borrowed money.

Last but definitely, the main reason why Filipinos are waiting for this financial benefit is to have the privilege to travel the places they have never been to. This is the time where a group of friends will roam together, the perfect time for a couple to rekindle their love since all throughout the year are spent working to make ends meet.

As a credit card owner, it’s your responsibility to update your contact information regularly to the bank. For instance, you have a new mobile number, you have relocated, or your email address to the bank’s record is no longer active.

Despite your hectic schedule at work or on your business, here are the smart reasons why you should update your contact information.

1. Receive reminders and advisories
Banks send your SOA or state of account simultaneously on both of your mobile and email, that’s why it’s essential to update your information to them. If you don’t receive the SOA on your phone or email, there would be a tendency that you have to pay the penalty fee since you were not able to settle your payments on time.

2. Keep protected
In 2016, there are almost 15.4 million people who were, unfortunately, become fraud victims. In every website we visit in a day, we place ourselves at risk, especially during online purchases or transactions. When buying online, it does not require us any physical credit card, it only asks for CVV (card verification value) code to push through, and that’s he opportunity of fraudsters to use our credentials.

As the security feature of the bank, they will send you a message alert if there is auspicious act using your credit card. As soon as you get the alert, you can call the bank and demand to freeze your card for a future transaction by the fraudsters.

3. Exclusive promos
Banks usually send exclusive promos for card owners in which other people who do not have the card like yours are hoping for. You can always ignore the promos when you don’t need it, but it’s actually helpful and beneficial if you are in dire need to get exciting discounts when shopping, dining and even when you travel. Updating your contact information is easy, it’s better to be safe than sorry.

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Bills piling up, the inflation rate continues to rise, salary cannot put enough food on the table are some of the reasons why we just want to quit and give up everything. Life is indeed unpredictable and if we don’t know how to react on it properly, we keep doing things that make our lives harder than it is.

When we are stress, we tend to be little less than logical by making rash decisions. Stress forces us to find cathartic solutions to ease our worries. The next time you feel pressure in life and all the responsibilities you have, pay attention not to commit the following mistakes again.

1. Feeling rich
This is the first thing that pops up to our mind when we feel stress, we use the credit card to buy our favorite coffee, a new set of clothes or even treat our best friend to watch movies, these are the results of cathartic solutions we implemented within ourselves when we are stress.

2. Ignoring our responsibilities
When bills at home are piling up, and we know we need to go for a checkup for our health issues, we feel overwhelmed. As a result, we ignore our responsibilities by practicing manana habit, though it may feel good not doing anything at work for the moment, you will suffer later on completing tasks. One responsibility is paying your loans. You must know that the banks and lenders report your payment behavior to the credit bureau. This can greatly affect your future loan applications since your payments will be reflected in your credit rating.

3. Stress Eating
Women are more likely to do stress eating than men because they prefer to turn to alcohol and smoking. Even if you only have enough money for transportation and lunch meal for the day, you will still insist on buying more foods to cope up with stress by using your credit card.

The credit card can be helpful for everyone but, misused and overusing it when you are stress also does not help to lessen those bills piling up at home.